PKR gained ground against the USD for the sixth consecutive day.

 

The Pakistani rupee gained for the sixth consecutive day against the US dollar today after opening interbank trade at 279. 

It was fairly steady against the greenback during intraday trade and barely managed any movement during the session after briefly touching 280 at 12:55 PM. 

The interbank rate later fell to 279 and closed at the same level for the rest of the day. Open market rates at various currency counters were steady in the range of 278-280 today. 

At the close, the PKR closed 0.04 percent higher at 279.67 after gaining 12 paise against the dollar today. The rupee closed in the green for the sixth consecutive day today. On a fiscal year-to-date basis, it has grown by 2.25 percent so far. 

Overall, the rupee is down by around Rs. 60 from January 2023. From April 2022, it is below Rs. 107 against the greenback. As per the exchange rate movements seen today, the PKR has appreciated by 12 paise against the dollar. 

In a major development, the State Bank of Pakistan (SBP) announced that it will launch a centralized foreign exchange (FX matching) for the interbank FX market in line with Vision 2028 to build a modern and inclusive digital financial ecosystem. FX) is introducing the trading platform. As a key priority area. 

The objective is to provide interbank market participants with a centralized trading platform that offers FX trading on an anonymous basis and real-time price exposure. 

The PKR was green against other major currencies in the interbank market today. It gained three paise against the UAE dirham, three paise against the Saudi riyal , 21 paise against the Australian dollar (AUD), 71 paise against the British pound, and the EUR increased by 82 paise. ). 

Meanwhile, it has depreciated by 20 paise against the Canadian dollar  in today's interbank currency market.